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This study applies old and new generations of panel unit root tests to testthe validity of long-run real interest rate parity (RIP) hypothesis for tenCentral and Eastern European Countries (CEECs) with respect to the Euro areaand an average of the CEECs' real interest rates, respectively. When the panelunit root tests are carried out with respect to the Euro area rate, we confirmthe results of previous studies which support the RIP hypothesis. Nevertheless,when the test is performed using the average of the CEECs' rate, our resultsare mitigated, revealing that the hypothesis of CEECs' interest ratesconvergence cannot be taken for granted. From a robustness analysisperspective, our findings indicate that the RIP hypothesis for CEECs should beconsidered with cautions, being sensitive to the benchmark.

A re-examination of real interest parity in CEECs using old and new generations of panel unit root tests